Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Stark, Capital Services revenue $ 27,000 Accumulated depreciation-Buildings 4,100 Accounts receivable 820 Utilities expense 9,500 Interest payable 2,000 Unearned revenue 42,000 Supplies expense 9,100 Buildings 3,400 Stark, Withdrawals 120,800 Depreciation expense-Buildings 100,000 Supplies $ 31,000 7,200 2,900 740 1,600 520 200,000 11,000 10,000 1,600
Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Stark, Capital Services revenue $ 27,000 Accumulated depreciation-Buildings 4,100 Accounts receivable 820 Utilities expense 9,500 Interest payable 2,000 Unearned revenue 42,000 Supplies expense 9,100 Buildings 3,400 Stark, Withdrawals 120,800 Depreciation expense-Buildings 100,000 Supplies $ 31,000 7,200 2,900 740 1,600 520 200,000 11,000 10,000 1,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Stark company has the following adjusted accounts and normal balances at its December 31 year-end. Use the adjusted
![**Financial Statement Components**
Below is a list of financial statement components and their respective values. These items are typically used in the preparation of financial statements such as the balance sheet and the income statement.
- **Liabilities and Equity:**
- Notes payable: $27,000
- Accounts payable: $9,500
- Wages payable: $2,000
- Interest payable: $740
- Unearned revenue: $1,600
- Stark, Capital: $120,800
- Stark, Withdrawals: $11,000
- **Assets:**
- Cash: $42,000
- Prepaid insurance: $4,100
- Accounts receivable: $7,200
- Buildings: $200,000
- Supplies: $1,600
- **Expenses:**
- Interest expense: $820
- Utilities expense: $2,900
- Wages expense: $9,100
- Insurance expense: $3,400
- Supplies expense: $520
- Depreciation expense—Buildings: $10,000
- **Revenue:**
- Services revenue: $100,000
- **Contra Asset Account:**
- Accumulated depreciation—Buildings: $31,000
These figures provide an overview of a company's financial position, showing its liabilities, assets, equity, expenses, and revenue streams. It also includes contra accounts like depreciation, which accounts for the reduction in value of buildings over time.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe82fa668-1fcd-4b5f-ba57-d40fab71d1eb%2F6e2dd033-f489-4d0e-9d63-95d05ba79c2c%2Fs94urvc_processed.png&w=3840&q=75)
Transcribed Image Text:**Financial Statement Components**
Below is a list of financial statement components and their respective values. These items are typically used in the preparation of financial statements such as the balance sheet and the income statement.
- **Liabilities and Equity:**
- Notes payable: $27,000
- Accounts payable: $9,500
- Wages payable: $2,000
- Interest payable: $740
- Unearned revenue: $1,600
- Stark, Capital: $120,800
- Stark, Withdrawals: $11,000
- **Assets:**
- Cash: $42,000
- Prepaid insurance: $4,100
- Accounts receivable: $7,200
- Buildings: $200,000
- Supplies: $1,600
- **Expenses:**
- Interest expense: $820
- Utilities expense: $2,900
- Wages expense: $9,100
- Insurance expense: $3,400
- Supplies expense: $520
- Depreciation expense—Buildings: $10,000
- **Revenue:**
- Services revenue: $100,000
- **Contra Asset Account:**
- Accumulated depreciation—Buildings: $31,000
These figures provide an overview of a company's financial position, showing its liabilities, assets, equity, expenses, and revenue streams. It also includes contra accounts like depreciation, which accounts for the reduction in value of buildings over time.
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Can you the adjusted accounts for Stark Company to prepare the income statement and ( statement of owner's equity for the year ended December 31 and
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